Stock Market Updates: Sensex, Nifty End Higher; Power Grid, Asian Paint, Tata Motors Top Gainers

Indian stock market ended in green, however, a mixed tone was seen in major indices. Sharp rally in auto, metal and oil & gas stocks kept bears off the bay. While the Sensex edged up by 128 points to reach 74,611, the Nifty also saw a modest gain of 43 points, closing at 22,648. However, the session was marked by divergent movements across sectors and stocks.

Stocks like Power Grid, Asian Paint, Tata Motors, NTPC, and Tata Steel were top gainers. While stocks like Kotak Bank, Axis Bank, Airtel, Wipro and ICICI Bank were top laggards.

Meanwhile, the US Federal Reserve opted to maintain interest rates at their current levels on Wednesday, May 1. While signaling a predisposition towards eventual reductions in borrowing costs, the Fed expressed concerns regarding recent inflation metrics. This cautionary stance suggests a potential slowdown in efforts to achieve economic equilibrium.

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May 02, 2024, 3:30 pm IST

Federal Bank Share Gains After Q4

Federal Bank Ltd, on Thursday posted its March quarter Q4 result, which resulted in a profit of Rs 906 crore for the quarter, marking a marginal increase of 0.4% compared to the same period last year when it stood at Rs 903 crore. The stock rallied by 2%

May 02, 2024, 2:54 pm IST

IndiaMart InterMesh Shares Zoom!

Shares of IndiaMart Climbed 9% on Thursday in its shares following the announcement of its fourth-quarter financial results for the fiscal year 2024. The company reported a consolidated net profit jump of 79%, reaching a remarkable Rs 99.6 crore in the March quarter.

May 02, 2024, 2:28 pm IST

Largest OMC Stock Rallies

Maharatna PSU oil and gas giant, Indian Oil Corporation (IOCL) witnessed huge buying sentiment on Thursday, so much so that its share price rallied by at least 3.2% hitting an intraday high of Rs 174.50 apiece. The bull run comes despite Indian Oil missing its EBITDA estimates in Q4FY24 due to weaker refining on the back of inventory losses. However, the positives were that IOCL's marketing business stayed steady, and post-election cycle, this will improve further. Also, IOCL has declared a hefty dividend of Rs 7 per share or 70%. Post Q4, IOCL is recommended to buy/add by 5 brokerages with the highest target price at Rs 205.

May 02, 2024, 1:59 pm IST

PFC zooms 7% to near 52-week high

Shares of Power Finance Corporation extended the rally for the fourth straight session, surging over 7 percent on May 2. The stock has seen a robust move on the back of strong volumes. So far in the day, a total of 4 crore shares of PFC have changed hands on BSE and NSE combined, compared to 1-week and 1-month average trading volume of 2 crore and 1 crore shares, respectively.

May 02, 2024, 1:10 pm IST

Gold maintains its value as the Fed keeps interest rates constant.

Gold prices remained stable on Thursday after the Federal Reserve left interest rates constant and hinted that it was still leaning towards future reduction, while investors' attention shifted to the US non-farm payrolls data. Spot gold remained unchanged at ,314.89 per ounce. Prices increased by 1.4% on Wednesday, their strongest day in more than two weeks. U.S. gold futures increased 0.6% to ,323.90.

May 02, 2024, 12:41 pm IST

Top 5 Gainers and Losers Today

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May 02, 2024, 12:14 pm IST

Max Estate increases its gain, up 17%, as NYL invests in two subsidiaries

Max Estates' share price increased 17 percent intraday on May 2 after the business signed a formal Memorandum of Understanding (MoU) with New York Life Insurance business (NYL) for investment in two subsidiaries, MTPL and PCL. NYL will subscribe for 1,07,89,330 equity shares issued by Max Towers Private Limited (MTPL) for an aggregate price of approximately Rs 565.25 million, as well as buy 2,63,76,841 equity shares from the firm for an aggregate consideration of approximately Rs 1,381.88 million. NYL will also subscribe for 74,48,814 equity shares to be issued by Pharmax Corporation Limited (PCL) for an aggregate consideration of approximately Rs 347.56 million, as well as acquire 3,40,64,700 equity shares from the firm for an aggregate payment of approximately Rs 1,589.46 million.

May 02, 2024, 11:58 am IST

FOMC Meet: US Fed To Keep Rates Higher For Longer, Forecast For 3 Rate Cuts In 2024 Remains

The US Federal Reserve has opted to maintain interest rates at their current levels, but its latest policy statement suggests a nuanced approach toward potential future reductions. The decision, announced after a two-day meeting, underscores the Fed's ongoing concern about inflation and its impact on the broader economy. In its unanimously approved statement, the Federal Open Market Committee (FOMC) acknowledged the recent easing of inflation but expressed reservations about the lack of sustained progress towards the target of 2%. This cautious stance indicates that any future adjustments to borrowing cost

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May 02, 2024, 11:49 am IST

Tata Communications Raises Environmental Bar by Adopting Sustainability-Linked Loan Framework

The initiative, a first of its kind in the sector in India, underscores the company’s unwavering dedication to responsible business practices and sustainability leadership. Unlike traditional loans, loans aligned to the SLL framework have margins tied to specific carbon emission reduction targets (or non-financial covenants), incentivizing continuous improvement in sustainability performance. By linking its loan margins directly to environmental impact, Tata Communications aims to drive meaningful change while fostering a deeper integration of the Tata Group's overarching sustainability aspirations with its capital structure. Kabir Ahmed Shakir, Chief Financial Officer of Tata Communications said, “Sustainability isn't just a buzzword for us — but a core principle that drives our business decisions. Adopting a holistic approach through the SLL framework underscores our commitment to making tangible progress towards a more sustainable future while driving responsible growth in our industry."

May 02, 2024, 11:33 am IST

Gold Prices In India Today Recovers From Sharp Falls, Stays Near All-time High Range

The 24-carat gold rates in India today for 10 grams are Rs. 72,270/-, which has risen since the previous day by Rs. 700/-. Likewise, 22-carat yellow metal today is costing around Rs. 66,250/-, a hike of Rs. 760/- per 10 grams, while 18-carat gold price in India today have risen by Rs. 580/- to reach around Rs. 54,210/- per 10 grams. The US Spot Gold rate is currently trading around $ 2,314.8/- per ounce, falling 0.18% or $ 4.2/- since yesterday's closing, while the MCX Gold Futures maturing next month are floating around Rs. 71,039/-.

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May 02, 2024, 11:04 am IST

Gujarat Toolroom Ltd. Announces Establishment Of Green Energy Hybrid Power Plant Project Worth Rs. 5.72 Billion

Gujarat Toolroom Ltd., GTL has procured a strategically located parcel of land spanning 65 acres in Gujarat, earmarked for the construction of a Hybrid Power Plant. Approximately 60 acres of the acquired land will be dedicated to the installation of solar panels. Each acre is projected to generate 1 Megawatt of energy per hour. The remaining 5 acres will be designated for essential power management infrastructure, including transformer stations and high-voltage line terminals.The land layout plan includes provisions for the placement of 15 on-shore wind turbines, strategically positioned across every 4 acres of land. Each turbine is expected to produce 2.5 Megawatts of power per hour. Upon completion, the Hybrid Power Plant aims to contribute 97.5 Megawatts of clean and sustainable electricity to the grid.

May 02, 2024, 10:26 am IST

Neogen Chemicals Delivers Profitable Performance In Q4 FY24

Neogen Chemicals Limited (Neogen) reported its financial performance for the quarter and full year ended 31st March 2024. EBITDA stood at Rs. 110 crore in FY24. On a consolidated basis, employee costs increased due to the acquisition of BuLi Chem and the new company set up. Despite this, operating EBITDA was maintained, translating into an EBITDA Margin of 16% in FY24. Profit after Tax (PAT)stood at Rs. 36 crore in FY24. PAT performance was muted due to higher depreciation and interest expenses during the year, because of ongoing CAPEX in the Battery Materials division. The Company has deployed the proceeds from the preferential allotment in Neogen Ionics and to improve working capital and reduce high-cost debt. Earnings per share (EPS) for Q4 FY24 stood at Rs. 6.42 per share (Rs. 5.74 per share in Q4 FY23).

May 02, 2024, 10:03 am IST

Mahindra Auto Gains 13% Sales Growth In April 2024

Mahindra & Mahindra Ltd., one of India’s leading automotive companies, today announced that its overall auto sales for April 2024 stood at 70,471 vehicles, a growth of 13%, including exports. In the Utility Vehicles segment, Mahindra sold 41,008 vehicles in the domestic market, a growth of 18%, and 41,542 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 22,102. According to Veejay Nakra, President of, the Automotive Division, M&M Ltd., “We sold 41,008 SUVs in April, a growth of 18% and 70,471 total vehicles, a 13% growth over last year. We launched the XUV 3XO in April, tailored to a broad spectrum of customers across categories. With a unique blend of innovation, safety, comfort, performance, and price starting at INR 7.49lakhs, the XUV3XO is set to be the new disrupter in the compact SUV space.”

May 02, 2024, 9:45 am IST

Market Opens With Minor Gains; Nifty Near 22,650

Indian benchmark indices, the Nifty 50 and Sensex, commenced trading on Thursday, May 2, with an initial dip in performance. Despite the market's volatility during the final hour of Tuesday's session, both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) remained net buyers in the cash market.

May 02, 2024, 9:22 am IST

Rupee falls 0.24 paise against US Dollar

Indian rupee declined 0.24 paise against US Dollar in morning trade on Thursday.